Fino Paytech, the payments technology company and promoter of Fino Payments Bank, has today announced that it has invested in CityCash, a Mumbai-based fintech start-up. However, the company has not revealed the transaction amount.
The two companies have also joined hands to design an ecosystem for payments wherein Fino will be the issuance and settlement institution of the prepaid payment instrument and CityCash will offer its NFC-based cashless payments technology and micro-payment merchant acquisition.
The partnership is also working on creating an NFC-based tap and pay solution on the lines of the Oyster and Octopus cards of London and Hong Kong, respectively, where customers can use a co-branded card to make payments at retail outlets apart from paying for autos and cabs.
It shall also bring the most extensive network of BC agents across the country to enable physical card issuance and on-going service of the customers. Some large state and city bus corporations have shown tremendous interest in the Fino and CityCash payment solution and implementation are at advanced stages.
As a part of its digital strategy to engage with customers, Fino has already launched a suite of products such as RuPay Debit Cards, mobile banking app BPay, UPI, Net banking and FasTag for toll payments. These products along with NFC based tap and pay solutions would allow Fino to reach out and facilitate digital payments for a wider segment in line with Digital India initiative of the Government.
CityCash was founded in 2017 by Vineet Toshniwal, former managing director at Equirus Capital. On the other hand, FINO, founded in 2006, is a financial inclusion software solutions and services company that runs the FINO Payments Bank.